As you create your budget, you’ll be taking note of all your expenses. This is the perfect time to remove items that are costing you too much money and you don’t really need. While everyone will have different items on their list, these five items to remove from your budget are pretty common expenses that can be removed without missing them too much. If you’re spending money on them, consider how much money you would save if you stopped. Every penny adds up!
1. Cable. With Netflix and other streaming services, there is really no need to be paying $80 a month for cable TV. Instead, pay a small monthly fee or a one-time fee and stream your favorite TV shows. I personally have Netflix and have survived life without cable for over 5 years.
2. Takeout Coffee. I know. You think you need it. Trust me when I say that you don’t and neither does your budget. Cutting it out can save you hundreds per month depending on what you’re currently paying. Instead, pick up a coffee maker for a one-time cost and make your coffee at home. I stopped making my morning run to Tim Horton’s last year and am still able to drink delicious coffee!
3. High Insurance Payments. Are you paying too much for car or house insurance? It doesn’t cost anything to call to for a quote. Then you’ll know if what your paying now is a good deal or if you can do better somewhere else.
4. Home phone. If you still have a home phone, drop it unless you need it for your Internet connection. Your cell will work just as well. Most people I know don’t even have a phone and rely solely on their cell phones.
5. Magazine Subscriptions. You know those magazines that clutter the kitchen table? They’re costing you money and they usually just end up as clutter. Instead of paying for all of them, weed them down to one or two that you really like and drop the rest. It isn’t much money per year, but you’ll enjoy the money you’re saving. As an alternative, consider signing up for Next Issue. You can read all your favourite magazines on your tablet and there’s no clutter to deal with.
While these items aren’t the only ones you’ll want to consider removing, they’re an awesome place to start. As you live within your budget for a few months, you’ll notice more and more that you can remove without too much “pain” being inflicted.
What items would you consider removing from your budget?